With profound financial experience Wes Edens, Randal Nardone, and Rob Kauffan partnered to form an alternative investment firm raising private equity, and investing in cutting edge investment vehicles. The three financial gurus started a private equity firm Fortress Investment Group, with a capital of $ 400 million in 1998. Armed with financial management genius, Fortress Investment Group witnessed robust growth from the infant stage, and within five years of its inception, its assets had increased from $ 400 million to $ 32.6 billion. The company started with investment fund 1 in 1999 targeting real estate markets in Toronto and New York and then moved to debt securities and hedge funds. Visit https://patch.com/new-york/new-york-city/force-innovation-two-decades-fortress-investment-group
To harness its growth Fortress, Investment Group added two more experienced persons in leadership in 2002. Peter Briger came as a principal whereas Michael Novogratz was given the role of the fund manager. Both managers came from a renown financial firm Goldman Sachs with Peter Briger coming in with a lot of experience in credit fund and acquisitions. Between 2006 and 2007, fortress made major acquisitions including, Ski resort Operator, and made essential purchases including RailAmerica, Penn National Gaming, and Florida East Coast Industries.
Fortress investments group continued with its growing trend making a huge step in 2007 of launching IPO. The bold move made Fortress get in annals of history as the first ever sizeable private Equity firm to be registered in the stock exchange. After the IPO, fortress expanded its funds including the launching of more international focused funds. One of the major events during its expansion was acquiring of AIG America General Financial Services in 2010. The financial services were later to become spring leaf financial services. Fortress investments turned fortunes of spring leaf skyrocketing to more than 27 times.
Fortress Investment Group financial muscle and tremendous growth over the years attracted the in the Japanese technological giant Softbank corporation. Ten years ago 2007 fortress became the first private equity company to go public and now in 2017 pulling another surprise going public that it has been bought. The soft bank acquired Fortress Investment Group in a record of $ 3.9 billion. However, Fortress Investment Group remained as an independent entity retaining all the three principals. Fortress has continued to grow under this significant agreement with a technological endowed soft bank
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